The couple was arrested back in May by Newport Beach police, according to the office of the Orange County District Attorney (DA). Prosecutors alleged that Ronald Touchard, a 59-year-old Newport Beach man, took over the titles of three residences he didn’t own, between June and July, by submitting paperwork that alleged he was the sole officer of two investment companies in Laguna Beach.

Misty Denise Touchard | Photo courtesy Orange County DA’s office

He then allegedly convinced lenders that he held the deed of trust for each of the three residences, the DA’s office said and took out $5.9 million in equity out of the three residences.

Ronald Touchard and his wife, Misty Denise Touchard, are accused of using the stolen funds to buy a Land Rover and other large purchases, according to the DA. The DA’s office also says they moved the money between various banks accounts in a pattern consistent with money laundering.